Posted on 12/04/2024 2:05:05 PM PST by DFG
Minnesota-based food production giant Cargill is laying off approximately 5 percent of its global employees amid decreasing food prices.
According to Forbes, Cargill is the U.S.'s largest privately held company, and is the world's largest agricultural commodities trader.
Commodity prices fell 4 percent in the third quarter of 2024 compared to the prior quarter, according to an analysis from the World Bank.
Cargill employs more than 160,000 people world-wide, meaning its estimated cuts will eliminate approximately 8,000 jobs.
The company told CNN on Monday that the layoffs were part of a "long-term strategy" set in stone earlier this year.
“As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends in front of us, maximize our competitiveness, and, above all, continue to deliver for our customers,” the company told CNN.
Cargill's profits skyrocketed during the pandemic and the inflation that came afterwards as global instability kept food prices high. Now that grocery prices are dropping, the company is having to tighten its belt.
The company is also one of North America's largest beef processors, and a declining cattle population in the US is only adding to Cargill's financial worse.
In 2024, Cargill's profits dropped to the lowest since 2016, according to a Forbes analysis. That report found that its profits had fallen to $2.48 billion, less than half of the $6.7 billion it made from 2021 to 2022.
(Excerpt) Read more at ca.news.yahoo.com ...
Too much price gouging.
It doesn’t look like people are eating less.
That you, Kamala?
How are profits drying up? They never heard of price gouging?
Food prices don’t seem to be dropping around here. Gasoline is down, but groceries are high.
Actually, people are eating less single ingredient farm products while eating 🍽️ more ultra processed products. This is why obesity and chronic disease numbers are increasing
Yeah, you’d think that would bode well for Cargill that makes a lot of that crap.
I grew up in a middle class neighborhood that mowed lawns...
BS,,,this article is a snow job about Cargill..
If beef consumption is dropping, it isn’t our fault.
Talk to your elitist, globalist buddies.
Clever way of avoiding admission that you employ illegals...
Watching for beef and butter to come down.
Big Ag. Destroyer of lives and the American family farm. Hope they go bankrupt.
Does Cargill compete with the Gates operations or are the two in cahoots?
Jus’ askin for class some day.
Same here. Even Aldi’s prices are insane.
Maybe people are learning to eat less processed food and cooking themselves?
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